OREANDA-NEWS. Belarusbank delegation headed by Chairman of the Board Siarhei Pisaryk took part in the 11th session of the Interbank Consortium of the Shanghai Cooperation Organization within the framework of the BRICS/SCO Summit which was held in Ufa on July 8-9. The summit gathered top managers of the IBC and BRICS member banks and partner banks, as well as the IBC associate members.

During the session Siarhei Pisaryk presented the latest information on Belarusbank’s projects in the sphere of international business, as well as his view of cooperation prospects with the SCO and BRICS member states.

To expand its presence on the international financial market, Belarusbank is planning to intensify the realization of joint initiatives of Belarusian residents and residents of the SCO and actual and associate members of the BRICS.

The session focused on the creation of an international entity which would help arrange project finance under the auspices of the IBC. Belarusbank delegates met with representatives of foreign financial institutions to discuss the major fields of the further cooperation.

Background information: the Shanghai Cooperation Organization is a regional international alliance that unites six countries: Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. During the summit Belarus received the status of an observer. Previously such status was granted to India, Mongolia, Pakistan, Afghanistan and Iran.

The BRICS is an association of five rapidly developing economies: Brazil, Russia, India, China and South Africa. The joint action of the group is expected to secure global economic growth, strengthen international peace and stability. BRICS countries account for 42% of the world’s population, 26% of the total area and 14% of the world’s aggregate GDP.